What is the difference between closing a current account and switching?
Closing an account means:
- You have asked us directly to close your account.
- Any remaining funds in your account are transferred to a Republic of Ireland bank account of your choice. This is known as the beneficiary account.
- All your direct debits and standing orders will be cancelled. You will need to set up them up again using your new account details.
- Your account will close permanently.
- You start the switching process with the bank you are moving to. This is known as the beneficiary bank.
- You do not have to complete an online account closure form.
- Existing standing orders and direct debits will be moved to the new account. This is arranged by your beneficiary bank.
- Any remaining funds in your Bank of Ireland account are transferred to the Republic of Ireland bank account of your choice - the beneficiary account.
- Your Bank of Ireland account will close permanently.
Switching applies to banks in the Republic of Ireland only. As switching is performed by the beneficiary bank all queries should be addressed to their switching team.